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Weare indiscussionwithHMTreasury,withaviewtothelegislation providingthatexistingPartIVpermissions,controlledfunctions,passports,limitationsandrequirementsaregrandfatheredwithouttheneedforafirm to take action.

In any case,theFederalReserveisrespondingactivelytofinancialstabilityconcernsthroughsubstantiallyexpandedmonitoringofemergingrisksinthefinancialsystem,anapproach tothesupervisionoffinancialfirmsthattakes amoresystemicperspective,andtheongoingimplementationofreformstomakethefinancialsystemmoretransparentandresilient.

Basedonthetimingoftherelatedremediationperiodsandthefirms'effortsinthoseareas,itisreasonable to expectthatfirmsshouldstarttoachievesignificantimprovementsintheir2013inspectionresultsforthoseareasidentifiedasproblemsduringthe2010and2011inspections.

In addition,Malaysia’seffortstostrengthenthelegislationandimplementationofAntiMoneyLaundering/CounterFinancingofTerrorismmeasureshavebeenrecognisedbytheIMFandtheWorldBankduringtherecentFinancialSectorAssessmentProgramme(FSAP),whereMalaysiawasaccordeda“Compliant”ratingfortheBaselCorePrinciples(Principle18)and“Observed”fortheInsuranceCorePrinciples(ICP22).

In connectionwiththeirinspectionofindividualaudits,PCAOBinspectorsmayidentifysignificantauditperformancedeficiencieswheretheauditordidnotobtainsufficientauditevidencetosupportitsauditopinion.

In addition,inspectorsmayidentifydeficienciesinthefirm'soverallsystemofqualitycontrolthatincreasetherisk thatthefirm'ssystemwillnotprovidereasonableassurancethatitspersonnelcomplywithprofessionalstandards.

In thosesituations,weveryoftenenduptakingactionsthatareaimedinthefirstinstanceatfixingtheproblemandwhich,dependinguponthecircumstances,mayalsoincludefinancialpenaltiesorcompensationforindividualswhosufferedharmasaresultofimproperpractices.

In producingthereportrequiredundersubsection(b)ofthissection,theChief PrivacyOfficerandtheOfficerforCivilRightsandCivilLibertiesofDHSshallconsultwiththePrivacyandCivilLibertiesOversightBoardandcoordinatewiththeOfficeofManagementandBudget(OMB).

To enabletechnical innovationandaccountfororganizationaldifferences,theCybersecurityFrameworkwillprovideguidancethatistechnologyneutralandthatenablescriticalinfrastructuresectorstobenefitfromacompetitivemarketforproductsandservicesthatmeetthestandards,methodologies,procedures,andprocessesdevelopedtoaddresscyberrisks.

Sector-SpecificAgencies, in consultationwiththeSecretaryandotherinterestedagencies,shallcoordinatewiththeSectorCoordinatingCouncils to reviewtheCybersecurityFrameworkand,ifnecessary,developimplementationguidanceorsupplementalmaterialstoaddresssector-specificrisksandoperatingenvironments.

Sector-SpecificAgenciesshallreportannually to thePresident,throughtheSecretary,ontheextenttowhich ownersandoperatorsnotifiedundersection9ofthisorderareparticipating in theProgram.